Is
\[f(x) = \frac{5^x - 1}{5^x + 1}\]an even function, odd function, or neither?

Enter "odd", "even", or "neither".
We have that
\begin{align*}
f(-x) &= \frac{5^{-x} - 1}{5^{-x} + 1} \\
&= \frac{1 - 5^x}{1 + 5^x} \\
&= -\frac{5^x - 1}{5^x + 1} \\
&= -f(x),
\end{align*}so $f(x)$ is an $\boxed{\text{odd}}$ function.